Argentines began to buy bitcoin. The country is on the verge of default

Trading volume of the main digital coin paired with the Argentine peso has grown by more than1000%. This occurs against the background of local currency hyperinflation.

This comes against the backdrop of worsening economicsituation in the country. The local currency is experiencing hyperinflation, and the state is on the verge of default. On April 22, Argentine authorities failed to transfer payments on a $500 million foreign debt. The situation is aggravated by the coronavirus pandemic, as a result of which the fall in the population's GDP in 2020 is estimated at 5.7%, according to IMF forecasts.

Inflation is not the only reason for trading growthon Argentine LocalBitcoins. When converted to bitcoins over the same period, the value increased by 407% and by 139% in US dollars. Arcane Research analysts emphasized that these data confirm the real growth of the indicator.

In October, in Argentina, the Bitcoin rate at the localLocalBitcoins exceeded $ 12,000, while the average market was about $ 9,000. This happened against the background of the introduction of restrictions on the purchase of the US dollar. For two months, the country had a limit on the purchase of American currency at $ 200, whereas before that it was $ 10,000.

More details at RBC:
www.rbc.ru/crypto/news/5ea2af5b9a7947927942dc5b